BITW vs. XSMO

Last updated Jun 5, 2026

BITW (Bitwise 10 Crypto Index Fund) is a stock, while XSMO (Invesco S&P SmallCap Momentum ETF) is Momentum fund tracking the S&P SmallCap 600 Momentum Index. Over the past 5 years, BITW returned -8.13%/yr vs 11.48%/yr for XSMO. At a 0.31 correlation, their price movements are largely independent.

Performance

BITW vs. XSMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index Fund (BITW) and Invesco S&P SmallCap Momentum ETF (XSMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITW achieves a -30.38% return, which is significantly lower than XSMO's 23.45% return.

BITW

• 1D: -2.46%
• 1M: -22.16%
• YTD: -30.38%
• 6M: -34.73%
• 1Y: -33.43%
• 3Y*: 58.00%
• 5Y*: -8.13%
• 10Y*: —

XSMO

• 1D: 1.22%
• 1M: 0.48%
• YTD: 23.45%
• 6M: 21.12%
• 1Y: 35.59%
• 3Y*: 25.70%
• 5Y*: 11.48%
• 10Y*: 14.63%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BITW vs. XSMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BITW Bitwise 10 Crypto Index Fund	-30.38%	-2.63%	160.69%	331.10%	-85.92%	-36.83%	403.25%
XSMO Invesco S&P SmallCap Momentum ETF	23.45%	9.80%	17.45%	21.55%	-15.44%	19.24%	9.55%

Correlation

The correlation between BITW and XSMO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.31

Return for Risk

BITW vs. XSMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITW

BITW Risk / Return Rank: 16
BITW Sharpe Ratio Rank: 13
BITW Sortino Ratio Rank: 15
BITW Omega Ratio Rank: 16
BITW Calmar Ratio Rank: 19
BITW Martin Ratio Rank: 18

XSMO

XSMO Risk / Return Rank: 65
XSMO Sharpe Ratio Rank: 57
XSMO Sortino Ratio Rank: 59
XSMO Omega Ratio Rank: 54
XSMO Calmar Ratio Rank: 79
XSMO Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITW vs. XSMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index Fund (BITW) and Invesco S&P SmallCap Momentum ETF (XSMO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BITW	XSMO	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	1.91	-2.59
Sortino ratio: Return per unit of downside risk	-0.81	2.73	-3.54
Omega ratio: Gain probability vs. loss probability	0.91	1.32	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.64	4.02	-4.66
Martin ratio: Return relative to average drawdown	-1.10	13.74	-14.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITW vs. XSMO - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.68, which is lower than the XSMO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of BITW and XSMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BITW	XSMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	1.91	-2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.51	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.39	-0.17

Drawdowns

BITW vs. XSMO - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than XSMO's maximum drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for BITW and XSMO.

Drawdown Indicators

	BITW	XSMO	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-58.06%	-38.40%
Max Drawdown (1Y) Largest decline over 1 year	-52.59%	-8.89%	-43.70%
Max Drawdown (3Y) Largest decline over 3 years	-52.59%	-24.76%	-27.83%
Max Drawdown (5Y) Largest decline over 5 years	-92.13%	-29.62%	-62.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.39%	—
Current Drawdown Current decline from peak	-70.57%	-0.52%	-70.05%
Average Drawdown Average peak-to-trough decline	-69.60%	-11.13%	-58.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.43%	2.60%	+27.83%

Volatility

BITW vs. XSMO - Volatility Comparison

Bitwise 10 Crypto Index Fund (BITW) has a higher volatility of 9.15% compared to Invesco S&P SmallCap Momentum ETF (XSMO) at 6.12%. This indicates that BITW's price experiences larger fluctuations and is considered to be riskier than XSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITW	XSMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.15%	6.12%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	36.54%	14.15%	+22.39%
Volatility (1Y) Calculated over the trailing 1-year period	49.07%	18.76%	+30.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.31%	22.68%	+43.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.72%	24.12%	+84.60%

Dividends

BITW vs. XSMO - Dividend Comparison

BITW has not paid dividends to shareholders, while XSMO's dividend yield for the trailing twelve months is around 0.52%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITW Bitwise 10 Crypto Index Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSMO Invesco S&P SmallCap Momentum ETF	0.52%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both BITW and XSMO in my portfolio?

BITW and XSMO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or XSMO?

BITW has higher volatility (9.15%) compared to XSMO (6.12%). In terms of maximum drawdown, BITW dropped -96.46% vs XSMO's -58.06%.

Which has better risk-adjusted returns?

XSMO currently has the higher Sharpe Ratio (1.91 vs -0.68), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.